Notable Quotable

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“Inflation oscillates: it’s an idea when it’s not about, and a defining feature when it is. The only other word which comes to mind with similar status is ‘war’. Irrelevant or inexorable – the human mind finds it hard to make a judgement between the two extremes.… Inflation and deflation are generational in scale. Most commentary centres around what inflation will do in the short term – which gives, at best, uninteresting answers, and, more importantly, irrelevant answers. The thought that central bankers can do much to change the broad sweep of inflation is, in my view, far-fetched.” – Jonathan Ruffer, Ruffer Investment Review